Emily Walker
Technical analysis reveals that Dogecoin’s bullish trend remains intact, indicating the potential for the meme coin to achieve new highs in the current market cycle. This positive outlook can be attributed to a modified 3-day Gaussian Channel indicator.
Notably, this analysis highlights the formation of three specific red zones since the last market cycle, suggesting that Dogecoin is on the verge of reaching a new price peak.
Decoding The 3-Day Gaussian Channel And Its Red Zones
The Gaussian Channel serves as a technical tool that identifies trends and price movements. In the context of Dogecoin, the modified 3-day Gaussian Channel features alternating green and red zones corresponding to different market phases.
The green zones symbolize periods of growth and upward momentum for the price. Conversely, red zones signify downturns or periods of stability, where the market consolidates before resuming its upward trend.
According to analysis shared by crypto expert Trader Tardigrade on platform X, Dogecoin’s price movements are marked by three distinct red zones that occur between intervals of green zones on the modified Gaussian indicator.
The completion of these three red zones is typically followed by a significant upward movement, allowing Dogecoin to surpass previous peaks and set new highs in the current cycle. The accompanying price chart illustrates that these red and green zones consistently appear on the 3-day candlestick chart, lasting from weeks to months across multiple years.
Projected Dogecoin Price Target Exceeding $4.3
Post achieving a peak of $0.7316, Dogecoin has since established three red zones on the modified Gaussian channel. With these red zones now in place, analysis indicates that Dogecoin has likely surpassed its price low. The upcoming phase involves a critical green zone that may propel the price toward a new high.
As of now, Dogecoin is presently in a green zone within the Gaussian channel, with Trader Tardigrade forecasting an impressive upward movement towards achieving new all-time highs. This anticipated price surge is projected to bring Dogecoin above the $1 mark, ultimately aiming for a peak around $4.3.
Currently, Dogecoin is valued at $0.34, reflecting an increase of approximately 2.68% over the last 24 hours. A rise to $4.3 would represent a substantial gain of about 900% from its existing price point.
Image sourced from CCN, chart from TradingView